BUS 475 Final Exam - SET 5 / 100% correct answers / A+ Essay

2316 Words Mar 10th, 2014 10 Pages
BUS 475 Final Exam - SET 5 / 100% correct answers / A+

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1) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals:

Income Statement Balance Sheet

Dr. Cr. Dr. Cr.

Totals $58,000 $48,000 $34,000 $44,000

Closing entries are necessary for __________.

A. temporary accounts only

B. permanent accounts only

C. permanent or real accounts only

D. both permanent and temporary accounts

2) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal
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A. the Sarbanes-Oxley Act of 2002

B. the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management

C. generally accepted accounting principles

D. relevance to decisions

14) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?

A. $28,000

B. $18,000

C. $6,000

D. $12,00

15) The price of a good that prevails in a world market is called the

A. relative price.

B. absolute price.

C. world price.

D. comparative price.

16) A country's consumption possibilities frontier can be outside its production possibilities frontier if __________.

A. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries

B. the country’s technology is superior to the technologies of other countries

C. the country imports more than it exports

D. the country engages in trade

17) The general term for market structures that fall somewhere in-between monopoly and perfect competition is __________.

A. monopolistically competitive markets

B. imperfectly competitive markets

C. incomplete markets

D. oligopoly markets

18) For a college student who